MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	ZAGRO SINGAPORE PTE LTD
Formerly Known As :	ZUELLIG (T) PTE LTD
Registered Office :	5, Woodlands Terrace, 06-00, Zagro Global Hub, 738430
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	02.02.1980
Com. Reg. No.:	198000391-G
Legal Form :	Private Limited (Limited By Share)
Line of Business :	Manufacturer and trading in feed supplements premixes and specialist feeds
No. of Employees :	95

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

198000391-G

COMPANY NAME

:

ZAGRO SINGAPORE PTE LTD

FORMER NAME

:

ZUELLIG (T) PTE LTD (14/05/1998)
AGRI NUTRITION ASIA PTE LTD (22/06/1992)

INCORPORATION DATE

:

02/02/1980

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, WOODLANDS TERRACE, 06-00, ZAGRO GLOBAL HUB, 738430, SINGAPORE.

BUSINESS ADDRESS

:

5 WOODLANDS TERRACE,ZAGRO GLOBAL HUB, 738430, SINGAPORE.

TEL.NO.

:

65-67591811

FAX.NO.

:

65-67591855

WEB SITE

:

WWW.ZAGRO.COM/SG

CONTACT PERSON

:

POH BENG SWEE ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURER AND TRADING IN FEED SUPPLEMENTS PREMIXES AND SPECIALIST FEEDS

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

SALES

:

SGD 49,785,308 [2012]

NET WORTH

:

SGD 28,514,619 [2012]

STAFF STRENGTH

:

95 [2013]

BANKER (S)

:

STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) manufacturer and trading in feed supplements premixes and specialist feeds.

The immediate and ultimate holding company of the Subject is ZAGRO ASIA LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
28/05/2013	SGD 2,000,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
ZAGRO ASIA LIMITED	5, WOODLANDS TERRACE, 06-00, ZAGRO GLOBAL HUB, 738430, SINGAPORE.	199406784D	2,000,000.00	100.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

The Subject interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	GERMANY	ZAGRO EUROPE GMBH	100.00	31/12/2012
200404267Z	SINGAPORE	ZAGRO ANIMAL HEALTH PTE. LTD.	100.00	31/12/2012
	INDONESIA	PT ZAGRO INDONESIA	50.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. KAREN ANNE WEE
Address	:	481, PASIR RIS DRIVE 4, 12-411, 510481, SINGAPORE.
IC / PP No	:	S1580927B
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/02/2000

DIRECTOR 2

Name Of Subject	:	MR. SOO KAM BENG @ SOO MAN KHENG
Address	:	79, JALAN PANTAS, TAMAN CONNAUGHT, CHERAS, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	0210734
New IC No	:	471201-04-5151
Date of Birth	:	01/12/1947
Nationality	:	MALAYSIAN
Date of Appointment	:	01/02/2000

DIRECTOR 3

Name Of Subject	:	POH BENG SWEE
Address	:	10, WILBY ROAD, 276298, SINGAPORE.
IC / PP No	:	S0199884F
Nationality	:	SINGAPOREAN
Date of Appointment	:	22/07/1988

DIRECTOR 4

Name Of Subject	:	NGAI YUET HOONG
Address	:	67, ROSEWOOD DRIVE, 05-34, ROSEWOOD SUITES, 737876, SINGAPORE.
IC / PP No	:	S1108044H
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/06/2004

DIRECTOR 5

Name Of Subject	:	MS. CHOW SIEW HWA
Address	:	74, WEST COAST ROAD, 02-102, VARSITY PARK CONDOMINIUM, 126827, SINGAPORE.
IC / PP No	:	S1187164Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/06/2004

MANAGEMENT

1)	Name of Subject	:	POH BENG SWEE
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MR. KELOTH RAJ KUMAR
	IC / PP No	:	S1707500D
	Address	:	192, PASIR RIS STREET 12, 04-14, 510192, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA EUROPE AFRICA
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

FEED SUPPLEMENTS PREMIXES AND SPECIALIST FEEDS

Total Number of Employees:
YEAR	2013	2012	2011	2010	2009
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	95	95	70	100	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturer and trading in feed supplements premixes and specialist feeds.

The Subject is the leading manufacturer and distributor of crop care, animal health and public health products.

Besides the headquarters in Singapore, the Subject has registered offices in Malaysia, Philippines, Thailand, Indonesia, Taiwan, Sri Lanka, Germany and South Africa. Zagro also has local staff presence in Latin America and Middle East.

The Subject deal with the following products:

* Animal nutritions
* Crop nutritions
* Animal protection
* Crop protection

The SUbject belongs to the Zagro group of companies and the group's headquartes is situated at teh same premises.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567591811
Current Telephone Number	:	65-67591811
Match	:	YES
Address Provided by Client	:	ZAGRO GLOBAL HUB, 5 WOVDLANDS TERRACE SINGAPORE 738430
Current Address	:	5 WOODLANDS TERRACE,ZAGRO GLOBAL HUB, 738430, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information on the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	11.28%	]
Return on Net Assets	:	Acceptable	[	13.03%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	32 Days	]
Debtor Ratio	:	Unfavourable	[	90 Days	]
Creditors Ratio	:	Favourable	[	39 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	2.22 Times	]
Current Ratio	:	Favourable	[	2.55 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1980, the Subject is a Private Limited company, focusing on manufacturing and trading in feed supplements premixes and specialist feeds. The Subject has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject is well backed by a listed company shareholders which would stimulate further growth for the Subject. Hence, the potential growth of the Subject is positive. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 95 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 28,514,619, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. With the Subject’s favourable conditions, it should have acquired competitive edge from its competitors.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

ZAGRO SINGAPORE PTE LTD

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
Unit
TURNOVER	49,785,308	66,084,591	64,587,241	44,327,169
Other Income	2,892,755	3,491,593	2,869,155	-
	----------------	----------------	----------------	----------------
Total Turnover	52,678,063	69,576,184	67,456,396	44,327,169
Costs of Goods Sold	<42,627,624>	<57,005,575>	<55,882,374>	-
	----------------	----------------	----------------	----------------
Gross Profit	10,050,439	12,570,609	11,574,022	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,767,608	6,475,963	6,056,900	4,981,331
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,767,608	6,475,963	6,056,900	4,981,331
Taxation	<551,400>	<765,879>	<991,987>	<676,247>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,216,208	5,710,084	5,064,913	4,305,084
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	25,279,693	21,569,609	17,704,696	13,399,612
	----------------	----------------	----------------	----------------
As restated	25,279,693	21,569,609	17,704,696	13,399,612
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	28,495,901	27,279,693	22,769,609	17,704,696
DIVIDENDS - Ordinary (paid & proposed)	<2,000,000>	<2,000,000>	<1,200,000>	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	26,495,901	25,279,693	21,569,609	17,704,696
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	17,318	-	-
	----------------	----------------
	-	17,318

BALANCE SHEET

ZAGRO SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	7,136,483	7,489,612	8,004,228	8,174,576
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	236,340	236,340	236,340	236,340
Associated companies	1,212,822	1,216,174	13,100	13,100
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,449,162	1,452,514	249,440	249,440
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	1,210,403	1,859,736
Others	7,049	607,326	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	7,049	607,326	1,210,403	1,859,736
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	8,592,694	9,549,452	9,464,071	10,283,752
CURRENT ASSETS
Stocks	4,341,245	3,592,223	4,525,514	3,246,999
Trade debtors	12,229,762	14,865,188	13,465,619	9,957,512
Other debtors, deposits & prepayments	233,809	260,871	369,191	223,102
Short term deposits	6,500,000	2,000,000	2,500,000	5,500,000
Amount due from holding company	235,721	253,376	-	-
Amount due from related companies	1,047,292	1,041,827	1,143,337	854,875
Cash & bank balances	4,514,237	10,613,374	7,331,755	3,794,942
Others	4,308,793	2,977,400	2,057,000	2,074,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	33,410,859	35,604,259	31,392,416	25,651,430
	----------------	----------------	----------------	----------------
TOTAL ASSET	42,003,553	45,153,711	40,856,487	35,935,182
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	4,596,300	7,327,833	5,649,470	3,880,164
Other creditors & accruals	1,533,820	1,774,025	2,014,188	1,578,755
Amounts owing to holding company	1,644,964	2,746,624	4,254,576	5,257,530
Amounts owing to related companies	2,259,749	2,119,533	2,033,886	3,533,019
Provision for taxation	1,048,640	1,453,315	1,496,840	1,290,108
Dividends payable/proposed	2,000,000	2,000,000	1,200,000	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	13,083,473	17,421,330	16,648,960	15,539,576
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	20,327,386	18,182,929	14,743,456	10,111,854
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	28,920,080	27,732,381	24,207,527	20,395,606
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000	2,000,000	2,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000	2,000,000	2,000,000
RESERVES
General reserve	18,718	<46,425>	-	-
Retained profit/(loss) carried forward	26,495,901	25,279,693	21,569,609	17,704,696
Others	-	-	61,400	78,400
	----------------	----------------	----------------	----------------
TOTAL RESERVES	26,514,619	25,233,268	21,631,009	17,783,096
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	28,514,619	27,233,268	23,631,009	19,783,096
LONG TERM LIABILITIES
Deferred taxation	401,527	493,127	556,662	579,295
Others	3,934	5,986	19,856	33,215
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	405,461	499,113	576,518	612,510
	----------------	----------------	----------------	----------------
	28,920,080	27,732,381	24,207,527	20,395,606
	=============	=============	=============	=============

FINANCIAL RATIO

ZAGRO SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	11,014,237	12,613,374	9,831,755	9,294,942
Net Liquid Funds	11,014,237	12,613,374	9,831,755	9,294,942
Net Liquid Assets	15,986,141	14,590,706	10,217,942	6,864,855
Net Current Assets/(Liabilities)	20,327,386	18,182,929	14,743,456	10,111,854
Net Tangible Assets	28,913,031	27,125,055	22,997,124	18,535,870
Net Monetary Assets	15,580,680	14,091,593	9,641,424	6,252,345
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	13,488,934	17,920,443	17,225,478	16,152,086
Total Assets	42,003,553	45,153,711	40,856,487	35,935,182
Net Assets	28,920,080	27,732,381	24,207,527	20,395,606
Net Assets Backing	28,514,619	27,233,268	23,631,009	19,783,096
Shareholders' Funds	28,514,619	27,233,268	23,631,009	19,783,096
Total Share Capital	2,000,000	2,000,000	2,000,000	2,000,000
Total Reserves	26,514,619	25,233,268	21,631,009	17,783,096
LIQUIDITY (Times)
Cash Ratio	0.84	0.72	0.59	0.60
Liquid Ratio	2.22	1.84	1.61	1.44
Current Ratio	2.55	2.04	1.89	1.65
WORKING CAPITAL CONTROL (Days)
Stock Ratio	32	20	26	27
Debtors Ratio	90	82	76	82
Creditors Ratio	39	47	37	32
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	0.47	0.66	0.73	0.82
Times Interest Earned Ratio	0.00	374.94	0.00	0.00
Assets Backing Ratio	14.46	13.56	11.50	9.27
PERFORMANCE RATIO (%)
Operating Profit Margin	7.57	9.80	9.38	11.24
Net Profit Margin	6.46	8.64	7.84	9.71
Return On Net Assets	13.03	23.41	25.02	24.42
Return On Capital Employed	13.02	22.91	23.83	22.38
Return On Shareholders' Funds/Equity	11.28	20.97	21.43	21.76
Dividend Pay Out Ratio (Times)	0.62	0.35	0.24	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.00
UK Pound	1	Rs.102.17
Euro	1	Rs.85.19

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.